SOURCE: Kessler Topaz Meltzer & Check, LLP

April 04, 2016 09:00 ET

Important Lead Plaintiff Deadline Reminder for Cardiovascular Systems Shareholders From Kessler Topaz Meltzer & Check, LLP

RADNOR, PA--(Marketwired - April 04, 2016) - Kessler Topaz Meltzer & Check, LLP reminds Cardiovascular Systems, Inc. (NASDAQ: CSII) ("CSI" or the "Company") shareholders that a class action lawsuit has been filed in the United States District Court for the District of Minnesota on behalf of all purchasers of CSI's common stock between September 12, 2011 and January 21, 2016, inclusive (the "Class Period"). 

Important Deadline Reminder: Investors who purchased CSI common stock during the Class Period may, no later than April 12, 2016, petition the Court to be appointed as a lead plaintiff representative of the class. For additional information about this shareholder lawsuit, to view a copy of the filed complaint, or to request information about the action online, please visit https://www.ktmc.com/new-cases/cardiovascular-systems-inc#join.

The shareholder class action complaint alleges that CSI and certain of its executive officers made a series of false and misleading statements and failed to disclose material adverse facts about the Company's business and operations. Specifically, the defendants are alleged to have falsely touted CSI's code of ethics while failing to disclose that the Company relied upon illegal kickbacks, off-label promotions, and other violations of applicable laws and regulations in order to drive sales of its products.

As more fully detailed in the shareholder class action complaint, on July 15, 2013, a former CSI sales manager initiated an action in the United States District Court for the Western District of North Carolina pursuant to the qui tam provisions of the Federal Civil False Claims Act, and alleged that CSI "utilized its sales force to illegally promote the off-label sales and use of its medical devices in order to obtain reimbursement for non-FDA-approved indications and maximize profits through false and fraudulent statements." 

Additionally, on May 9, 2014, CSI revealed that it had "received a letter from the U.S. Attorney's Office for the Western District of North Carolina stating that it is investigating the Company to determine whether the Company has violated the False Claims Act, resulting in the submission of false claims to federal and state health care programs, including Medicare and Medicaid." 

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or (610) 667-7706, or via e-mail at info@ktmc.com.

CSI shareholders who purchased their securities during the Class Period (September 12, 2011 - January 21, 2016 ) may, no later than April 12, 2016, petition the Court to be appointed as a lead plaintiff representative of the class. 

Members of the purported class may petition the Court through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. A class member's ability to share in any recovery is not affected by the decision of whether or not to petition the Court to be appointed as a lead plaintiff. 

Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.

Contact Information

  • CONTACT:
    Kessler Topaz Meltzer & Check, LLP
    Darren J. Check, Esq.
    D. Seamus Kaskela, Esq.
    Adrienne O. Bell, Esq.
    280 King of Prussia Road
    Radnor, PA 19087
    (888) 299-7706